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#AnonymousBut if Bonus period is Dec to Jan and employee leaves in oct. month without serving notice period then what in that case ?
18th February 2013 From India, Mumbai
then we will pay bonus at the last working day. For example today i m working i.e. 18-02-13 and tomorrow i.e. 19-02-20013i will be leaving my company without intimation or service notice period. my bonus will be calculated 18FEB2013.
You calculate Bonus Till September( i mean at the last working day of the emp)
18th February 2013 From India, Mumbai
If you are talking about statutory bonus then your company is liable to pay the bonus to the left employee as we calculate the bonus for April to March and disburse the same by Nov of next financial year.
Please find further clarification on your queries regarding payment of bonus amount:-
Time Limit for Payment of Bonus: Sec-19 :- Within 8 month from the close of the accounting year.
Explanation- Bonus is payable within the 8 months from the close of accounting year(31st March) so bonus is required to be paid by 30th November. (For FY 12-13 Bonus should paid by 30 Nov 2013).
Hence your employer is not wrong as he is saying they will disburse bonus near about Diwali.
Hope you got all the answers.
19th February 2013 From India, Kota
If he has not served the notice period & absconding without completing clearance then you can hold the bonus. when he will come to take the bonus get the clearance done & issue bonus.
Bonus is calculated after balancesheet. (after analyising profit) & balance sheet can not be calculated on calander year. so bonus should be calculated on financial year.
You can pay the bonus in calander year in case if you have made such agreement with union or your percentage is fixed. otherwise it is paid on financial year.
19th February 2013 From India, Hyderabad
Employee is eligible for Bonus if he fulfill the below mention points at the of Bonus
distribution & if employee left the organization before the Bonus distribution as prescribed in act then during three year he can claim the same from the organization.
• Every employee shall be entitled to be paid by his employer in an accounting year, bonus, in accordance with the provisions of this Act, provided he has worked in the establishment for not less than thirty working days in that year. (Section 8)
• Where an employee has not worked for all the working days in any accounting year, the bonus payable to him under Sec.13 to shall be proportionately reduced .
19th February 2013 From India, Haldwani
According to Sec 8 of Payment of Bonus Act, 1965
Eligibility for bonus.—Every employee shall be entitled to be paid by his
employer in an accounting year, bonus, in accordance with the provisions of this
Act, provided he has worked in the establishment for not less than thirty working
days in that year.
and Sec 13 of Payment of Bonus Act, 1965
Employee is means any person (other than an apprentice) employed on a
salary or wage not exceeding ten thousand rupees] per
mensem in any industry to do any skilled or unskilled manual, supervisory,
managerial, administrative, technical or clerical work for hire or reward,
whether the terms of employment be express or implied
So depends upon the Designation and salary, you can issue the bonus in propotionate for the period of working days in the last year.
19th February 2013 From India, Chennai
If an employee has worked for more than thirty (30) days in that financial year, he shall be eligible for the payment of bonus under the Payment of Bonus Act,1965. Bonus can be forfeited under Section 9 for committing fraud,theft,misappropriation or sabotage of any property of the establishment including riotous or violent behavior while on duty.The quantum of bonus is decided by the employer after computing the gross profit taking into account the allocable and available surplus as per First or Second Schedule of the Act.
My friend Akhil Gupta has rightly mentioned that the the payment of bonus has to be made within eight months from the close of the accounting year.The minimum bonus has been prescribed as 8.33% and maximum is 20% under Section 10 and 11 of the Act.This condition has been relaxed for certain establishments, which is given in Section 16 of the Act.
19th February 2013 From India, Mumbai
20th February 2013 From India, Patiala